AUD/USD rejected at channel top, drop to 0.7587 likely

FX:AUDUSD   Australian Dollar / U.S. Dollar
Significant gains in commodities and a broadly weak Greenback supported upside in AUD/USD .

The pair largely ignored weak Jobs data and has hit session highs at 0.7680, breaking above resistance at 0.7648 ( Double top Apr 14th and July 3rd).

Immediate resistance and supports are located at 0.7724 ( rising channel top) and 0.7639 (4h 5-DMA) respectively.

Longer-term momentum still with the bulls, we expect some intra-day correction, possibly upto 0.7587.

2-hourly charts confirm weakness, we see bearish Stochs and RSI rollover from overbought zone.

A bearish MACD line crossover on signal line also evident.

Good to sell rallies around 0.7645/50, SL: 0.7680, TP: 0.7587
Trade closed: target reached


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